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DISCOVERY LIMITED - Acceptance of shares awarded in terms of the Discovery Long-Term Incentive Plan

Release Date: 24/12/2019 10:15
Code(s): DSY DSBP DSY03 DSY01 DSY04 DSY02 DSY05     PDF:  
 
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Acceptance of shares awarded in terms of the Discovery Long-Term Incentive Plan

DISCOVERY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/007789/06)
Legal Entity Identifier: 378900245A26169C8132
JSE share code: DSY, DSYBP
DSY ISIN: ZAE000022331
DSBP ISIN: ZAE000158564
JSE bond code: DSYI
(“Company” or “Group”)

ACCEPTANCE OF SHARES AWARDED IN TERMS OF THE DISCOVERY LONG-TERM INCENTIVE PLAN

In compliance with the JSE Limited Listings Requirements, notification is hereby given that the following executive
directors and directors of major subsidiaries of the Company have accepted the award of ordinary shares in the
Company.

The Discovery Long-term incentive plan (LTIP) which was approved by shareholders at the annual general meeting
(AGM) held on 28 November 2019, replaces the cash-settled LTIP with an equity-settled LTIP to align with local
and global best practice in incentivising, motivating and retaining the right calibre of executives and senior
management with the Group. As outlined in the remuneration report of the Integrated Annual Report
(Remuneration report) which was made available to shareholders as part of the AGM notice, the performance
conditions are aligned to the organic growth methodology of the Group and the vesting criteria take account of
the feedback received following shareholder engagement after the 2018 AGM non-binding advisory vote.

Accordingly, the awards accepted by executive directors and directors of major subsidiaries, as contained in this
announcement, will vest from between the 3rd and 5th anniversary of these awards (between 1 October 2022 and
1 October 2024), provided the necessary vesting criteria have been achieved as outlined in the Remuneration
report.

The nature of the interest in respect of each of these awards is direct beneficial, the transactions have occurred
off-market and the necessary clearances have been obtained.

 Executive director           Acceptance date         Number of shares          Reference                 Deemed
                                                         accepted                  price*      transaction value

 Adrian Gore                 20 December 2019               76,399                R114.58             R8,753,797
 Barry Swartzberg            20 December 2019               15,372                R114.58             R1,761,324
 Deon Marius Viljoen         20 December 2019               48,340                R114.58             R5,538,797
 Hylton David Kallner        20 December 2019               51,240                R114.58             R5,871,079
 Ayanda Ntsaluba             20 December 2019               45,253                R114.58             R5,185,089
 Alan Pollard                20 December 2019               14,662                R114.58             R1,679,972

 Director of major         Subsidiary     Acceptance date      Number of          Reference                Deemed
 subsidiary                                                       shares             price*     transaction value
                                                                accepted

 Jonathan                  Discovery     20 December 2019        210,744            R114.58           R24,147,048
 Broomberg**               Health
 Kenneth Steven            Discovery     20 December 2019         36,124            R114.58            R4,139,088
 Rabson                    Life

*The reference price has been used in determining the share allocations and represents the volume weighted
average traded price of the Company’s shares for the 5 days ended 30 September 2019.
** Includes a once-off exceptional allocation relating to benchmarking and change of role.

Sandton
24 December 2019

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 24-12-2019 10:15:00
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